Used car to New car

Shikha Gupta

11 Points Posted on 21 December 2019

Itc cannot be claimed on purachse of car, except for hiring business and other more exemptions.

RAJA P M

"Do the Right Thing...!!!"

128147 Points Posted on 21 December 2019

Will we have to pay GST on sale of Old car ???

- No need.

Shikha Gupta

11 Points Posted on 21 December 2019

No we do not have to pay on sale of old car as itc had not been claimed

CMA M.Keerthi chandra

C.A FINAL STUDENT AND QUALIFIED C.M.A

563 Points Posted on 21 December 2019

Assets forming part of Business when transferred or disposed off by under directions of person carrying on the business so as no longer to form part of those assets even whether or not for consideration is DEEMED SUPPLY OF GOODS.

Please refer Sec 7(1A) of C.G.ST Act read with schedule II point No 4

RAJA P M

"Do the Right Thing...!!!"

128147 Points Posted on 21 December 2019

@ M Keerthi Chandra.,

Yes... Your said act and schedule is correct except vehicles...

Pankaj Rawat

GST Practitioner

55067 Points Posted on 22 December 2019

As per Notification 8/2018 CT (R) , Need to pay GST on old car sold on profit margin (Purchase -Sale )

RAJA P M

"Do the Right Thing...!!!"

128147 Points Posted on 22 December 2019

Yes... if it's excess of book value.

S ELAVARASI

ACCOUNTANT

2975 Points Posted on 24 December 2019

Gst as apply to margin value

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Used car to New car

Rahmathullah p

Shikha Gupta

RAJA P M

Shikha Gupta

CMA M.Keerthi chandra

RAJA P M

Pankaj Rawat

RAJA P M

S ELAVARASI

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